Metal Manufacturing: Understanding the Industry
The manufacturing industry is
responsible for creating many of the products consumers use every day.
Manufacturing is defined as the production of merchandise
for use or sale using labour machines and tools, or formulation. Raw
materials are transformed into finished goods often with the use of machinery.
These goods are sold to other manufacturers who use these finished parts in
creating a more complex product, (i.e. automobiles or aircraft,) or "as is” to
wholesalers or retailers. Many of these products are created for specifically
designated manufacturing sectors. Manufacturing businesses insure the health
and safety of their employees and protect the physical building – but what
about the equipment used to make these products? Equipment
breakdown coverage for metal manufacturing plants are available and
comprehensive. It protects qualifying businesses with the appropriate coverage
to protect against profit loss or other safety issues that come from equipment
breakdown.
Complex Machines Drive the Industry
Metal fabricating trades can be classed
into one of the following categories:
- Casting– Die, mold, sand, resin, etc.
- Imaging/Coating– plating, laser engraving, inkjet printing
- Moulding– plastics, shrink wrapping, shrink fitting
- Forming– forging, rolling, extrusion, bending, shearing, stamping
- Machining– milling, turning, planning and industrial finishing
- Joining– welding, soldering, press fitting
- Additive
Manufacturing – 3D printing, laminating
Protecting Profitability in Metal Manufacturing
Each of these industries have
complex machines that create products through a variety of methods. With so
many moving parts, one deficiency can have a major impact on material
production. Comprehensive insurance packages are available from successful
insurance providers that take into account equipment breakdown and the impact
this can have on a business. One such policy that GTA insurance brokers like
Regional Insurance offers is from Aviva Canada. This includes industrial and
manufacturing insurance for:
- Commercial
Property
- Boiler
and Machinery – also known as equipment breakdown coverage
- Business Interruption– due to equipment breakdown
- Crime
Coverage – considering both external and internal theft
- Commercial
General Liability – including risks south of the border in the U.S. (for
Canadian employees only)
- Umbrella,
Wrap-up and Excess Liability
- Commercial
Automobile – for both individual and fleet
Companies like Aviva also have
industry specific coverage that can target specific trades in the metal
manufacturing industry. Partnering with a broker like those with Regional
Insurance who are based locally in the GTA and have years of experience will
help business owners dissect different insurance products. Their experience can
help when choosing the right policy that will have the best coverage for
individual needs.
When equipment breakdowns happen in
a metal manufacturing plant, it doesn’t have to be a detrimental impact on
production and profitability. Go beyond the basics of manufacturing insurance
to take a look at policies that specifically detail protection against
equipment breakdown for metal manufacturing. This coverage can be specific to
most trades in the metal manufacturing sector and have tremendous benefit in
the long run!